| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12030 |
| 来源ID | Working Paper 12030 |
| Down or Out: Assessing the Welfare Costs of Household Investment Mistakes | |
| Laurent E. Calvet; John Y. Campbell; Paolo Sodini | |
| 发表日期 | 2006-02-13 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper investigates the efficiency of household investment decisions in a unique dataset containing the disaggregated wealth and income of the entire population of Sweden. The analysis focuses on two main sources of inefficiency in the financial portfolio: underdiversification of risky assets ("down") and nonparticipation in risky asset markets ("out"). We find that while a few households are very poorly diversified, the cost of diversification mistakes is quite modest for most of the population. For instance, a majority of participating Swedish households are sufficiently diversified internationally to outperform the Sharpe ratio of their domestic stock market. We document that households with greater financial sophistication tend to invest more efficiently but also more aggressively, so the welfare cost of portfolio inefficiency tends to be greater for these households. The welfare cost of nonparticipation is smaller by almost one half when we take account of the fact that nonparticipants would be unlikely to invest efficiently if they participated in risky asset markets. |
| 主题 | Microeconomics ; General Equilibrium ; Behavioral Economics ; Macroeconomics ; Business Cycles ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w12030 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569683 |
| 推荐引用方式 GB/T 7714 | Laurent E. Calvet,John Y. Campbell,Paolo Sodini. Down or Out: Assessing the Welfare Costs of Household Investment Mistakes. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12030.pdf（2017KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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